Tsakos Energy Navigation Announces The Sale Of Tanker "Dionisos"

ATHENS, GREECE:  October 25, 2005 - Tsakos Energy Navigation Limited (TEN) (NYSE:TNP) today announced the sale of the 37,432dwt tanker Dionisos to a Far-eastern state shipping company. The vessel was delivered to TEN in June 2005 and operated in a tanker pool. The vessel was delivered to the new owners today and will generate a significant capital gain of $18 million. 

"In light of our stated strategy of enhancing shareholder value through profitable operations and strategic sale and purchase transactions, such opportunities cannot and should not be overlooked," stated Mr. Nikolas P. Tsakos, President and CEO of Tsakos Energy Navigation. "The capital gain that will be realized, without altering the core structure of our fleet, is equivalent to five years of expected operational profits from the Dionisos in today's strong period charter environment."

Mr. Tsakos concluded, "With eleven newbuildings representing 40 percent expansion joining our fleet over the next 7 quarters, and with other opportunities under consideration, we believe continued growth of the Company is secured".

Since the beginning of 2004 TEN has taken delivery of six vessels (five newbuildings and one second-hand), with an average age of 1.4 years, and has placed orders for ten additional newbuildings with 1.6 million dwt combined capacity. In the same period, it sold nine vessels totaling 600,000 dwt with an average age of 14.0 years, contributing $66 million in capital gains.  The next newbuilding to join TEN's fleet is the 1A ice-class double-hull Suezmax tanker, "Archangel" expected to be delivered in January 2006 in South Korea.

ABOUT TSAKOS ENERGY NAVIGATION

TEN's proforma fleet consists of 36 vessels of 4.0 million dwt. Following the sale of the Dionisos, TEN operates a fleet of 25 vessels (including three chartered-in vessels) of approximately 2.9 million dwt with an average age of 6.1 years compared to 11.7 years of the world average. Its newbuilding program today consists of 11 vessels (4 Suezmax, 2 Aframax, 4 Handymax, and 1 LNG) of 1.2 million dwt.

FORWARD-LOOKING STATEMENTS

Except for the historical information contained herein, the matters discussed in this press release are forward-looking statements that involve risks and uncertainties that could cause actual results to differ materially from those predicted by such forward-looking statements. TEN undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events, or otherwise.

CONTACTS:

George V. Saroglou, COO

Tsakos Energy Navigation Ltd.

Tel: 30 210 94 07 710-3

ten@tenn.gr

Alan Katz, Investor Relations

Cubitt Jacobs & Prosek Communications

212-279-3115 x211

Alan@cjpcom.com